COMPLEMENTARITY ANALYSIS IN MULTINOMIAL
|
|
- Pamela Lyons
- 6 years ago
- Views:
Transcription
1 1 / 25 COMPLEMENTARITY ANALYSIS IN MULTINOMIAL MODELS: THE GENTZKOW COMMAND Yunrong Li & Ricardo Mora SWUFE & UC3M Madrid, Oct 2017
2 2 / 25 Outline 1 Getzkow (2007) 2 Case Study: social vs. internet interactions 3 The gentzkow command in Stata 4 Results
3 3 / 25 Getzkow (2007) Getzkow (2004): Valuing new goods in a model with complementarity: Online newspapers, The American Economic Review, 2007
4 4 / 25 Getzkow (2007) Online vs. printed news Do online newspapers crowd out consumption of printed newspapers? Print and online papers are substitutes. The welfare benefits of the online newspaper outweigh its costs. The newspaper firm (the Washington Post) gains with advertising. The potential firm s gain of charging a positive price for online content disappears with advertising Methodologically: Many important economic questions hinge on the extent to which new goods either crowd out or complement consumption of existing products. Standard methods for studying new goods rule out complementarity by assumption, so their applicability to these questions has been limited. Getzkow develops a new model that relaxes this restriction.
5 Getzkow (2007) Gentzkow s Multinomial Model u 0 = 0 u A = βa 0 + β A x α A p A + v A u B = βb 0 + β B x α B p B + v B u AB = u A + u B + Γ Definition Alternatives ( ) A and B are complements (substitutes) if and only if sign Q A p B < (>)0 Theorem Alternatives A and B are complements (substitutes) if and only if Γ > (<)0 5 / 25
6 6 / 25 Getzkow (2007) Remarks Getzkow s pattern of complementarity depends on parameter Γ: it describes by how much utility increases when both alternatives are chosen together If the price of one alternative decreases, then the desirability of the other alternative indirectly increases through Γ The complementarity pattern is unrelated to the IIA assumption The model imposes a rank condition on the variance-covariance matrix in a typical multinomial model that can be tested using a LM test: v AB = v A + v B If this condition is not satisfied, then the sign of Γ does not necessarily reflect the complementarity pattern
7 Getzkow (2007) Gentzkow s analysis in the unrestricted multinomial model u 0 = 0 u A = βa 0 + β A x α A p A + v A u B = βb 0 + β B x α B p B + v B u AB = βab 0 + β AB x + α A p A α B p B + v AB Complementarity is individual specific: it depends on x and on (v AB v A v B ). Take δ (x) = ( βab 0 β0 A B) β0 + (βab β A β B ) x + (v AB v A v B ). No link between δ (x) and E We need to numerically estimate E ( ) We can condition on x: E Q A p B x ( ) Q A p B ( ) Q A p B 7 / 25
8 8 / 25 Case Study: social vs. internet interactions Case Study: social vs. internet interactions
9 9 / 25 The data Case Study: social vs. internet interactions We use data from the 2010 national baseline survey of the China Family Panel Studies (CFPS) The sample is representative of 95% of the Chinese population in 2010 Sample: children who use internet between 10 and 15 years old (885 observations) Variables of interest: socialout: the child does at least one of the following activities with friends at least once a month: going to karaoke, going to disco, dining out, and playing at a internet bar. socialnet: one if child says doing social interactions on internet is important for him/her. Prices: for real social activities: pocket money per month, for internet social activities: whether parents use a popular online social interaction application (QQ)
10 Our goals Case Study: social vs. internet interactions In our application: To study whether internet social interactions crowd out real social interactions We estimate the general multinomial model and compute cross-price elasticities In particular, we want to see the role of parents income and child age We need to develop a command for Stata 10 / 25
11 11 / 25 The gentzkow command in Stata The gentzkow command in Stata
12 12 / 25 The gentzkow command in Stata What the ado file does First, it estimates a multinomial model Then, it estimates the partial derivative of the demand of one of the alternatives when a price of the other alternative has an infinitesimal change it is an integral over the utility shocks space: we implement it using a numerical Monte Carlo approximation this object is independent of the alternative AND the price chosen but interpretation is not clear when no price is included in the specification Partial derivatives can be computed for different values of controls, x Standard errors are computed using the bootstrap In the current implementation, mlogit, mprobit, and gsem are available to estimate the multinomial model
13 13 / 25 The gentzkow command in Stata Inputs Required: list of variables: at the very least the two binary choices, possibly expanded with controls x and prices p Optional: number of replications in numerical integration number of bootstrapped samples seed to control random number generation expected obs. per cell under uniform assumption: this is the parameter we use to control the accuracy of the Monte Carlo computation of the integral number of quadrature points (only with mprobit and gsem) control variable whose value changes, and different evaluation values model: mlogit, mprobit, gsem, and all options related to these commands, including constraints whether multinomial model estimates and elasticities are displayed
14 14 / 25 The gentzkow command in Stata Syntax syntax varlist(min=2) [if] [in] [fw pw iw], /// [ /// Replications(integer 500) /// // # replications in integration Bootstraps(integer 100) /// // # bootstrapped samples SEED(real 1966) /// // seed of random number generation Ncells(integer 15) /// // expected obs. per cell INTPoints(integer 15) /// // # of quadrature points Conditioning(varname) /// // evaluation variable VALues(numlist) /// // values for evaluation ATVALues(name) /// // matrix name of control values for evaluation Model(string) /// // mlogit, mprobit, gsem (default is mlogit) NOCONStant /// // suppress constant term CONSTraints(numlist) /// // list of linear constraints Level(real 95) /// // set confidence level; default is level(95) Detail /// // displays multinomial model estimates CROSS /// // only shows cross elasticities MAXimize(string) /// // string containing maximize_options TWOlevel(varname) /// // variable for level random effects (gsem) * ]
15 15 / 25 Example 1 (I) The gentzkow command in Stata gentzkow socialout socialnet prices lista_x0 Dp*, /// constraint(1/ i ) /// r(5000) b(200) n(50) /// max("iterate(50)") /// cross constrained multinomial logit bootstrap standard errors using 200 simulations numerical integration using 5000 simulations, with around 50 observations within each cell to compute frequencies only displays cross-price elasticity
16 Example 1 (II) The gentzkow command in Stata (running mlogit on estimation sample) Bootstrap replications (200) Warning: only 191 converged bootstraps Cross-price elasticity Coef. Std. Err. z P> z [95% Conf. Interval] _cons / 25
17 17 / 25 Example 2 (I) The gentzkow command in Stata gentzkow socialout socialnet prices lista_x0 Dp*, /// constraint(1/ i ) /// r(5000) b(200) n(50) /// max("iterate(50)") /// c(age) val(10(2)14) /// cross test _b[r1]-_b[r3]=0 computes expectation conditional on age: 10,12,14 only displays cross-elasticities tests whether the expectation is equal at age 10 than at age 14
18 Example 2 (II) The gentzkow command in Stata (running mlogit on estimation sample) Bootstrap replications (200) Cross-price elasticity Coef. Std. Err. z P> z [95% Conf. Interval] r r r ( 1) r1 - r3 = 0 chi2( 1) = 7.78 Prob > chi2 = / 25
19 19 / 25 Results Results
20 20 / 25 Results Cross elast. Std.Err. Own price: Real life Std.Err. Own price: Internet Std.Err. Model,Elasticities Unconditional (0.008) *** (0.009) *** (0.010) Uncond., Province ** (0.014) *** (0.022) *** (0.018) Conditional (0.013) *** (0.015) *** (0.017) Cond., Province *** (0.012) *** (0.022) *** (0.017) Cond., Major Prov *** (0.011) *** (0.021) *** (0.015) Note: Estimated cross-price elasticities and own-price elasticities of our unrestricted multinomial model using the multinomial logit model option are reported in the table. Cross elast. refers to the change in the child s probability of participating in real life social interactions with respect to an infinitesimal change in a factor that positively affects the child s net utility of doing internet social interactions but does not affect the child s net utility of doing real life social interactions. Equivalently, Cross elast. also refers to the change in the child s probability of participating in internet social interactions with respect to an infinitesimal change in a factor that positively affects the child s net utility of doing real life social interactions but does not affect the child s net utility of doing internet social interactions. Std.Err. refers to the standard error. Own price: Real life refers to the change in the child s probability of participating in real life social interactions with respect to an infinitesimal change in a factor that positively affects the child s net utility of doing real life social interactions but does not affect the child s net utility of doing internet social interactions. Own price: Internet refers to the change in the child s probability of participating in internet social interactions with respect to an infinitesimal change in a factor that positively affects the child s net utility of doing internet social interactions but does not affect the child s net utility of doing real life social interactions. Note: Prices affect utility positively.
21 21 / 25 Results P-value of test Value Cross elast. Std.Err. Value Cross elast. Std.Err. A. Price variables Pocket money of the child in *** (0.007) *** (0.018) log Both parents use QQ everyday *** (0.011) * (0.011) B. Child characteristics Gender ** (0.010) *** (0.014) Age in years (0.006) *** (0.016) C. Household characteristics Urban ** (0.010) *** (0.014) Note: Estimated cross-price elasticities of our unrestricted multinomial model using the multinomial logit model option are reported in the table. The multinomial logit model is estimated with price variables, all the other controls, and major province dummies. Cross-price elasticities are estimated for a series of values of each of the controls. P-value of test refers to the p-value of the test on the joint equality of all the cross-price elasticities based on different values of the controls. Value refers to different values of the control variable. Cross elast. refers to the change in the child s probability of participating in real life social interactions with respect to an infinitesimal change in a factor that positively affects the child s net utility of doing online social interactions but does not affect the child s net utility of doing real life social interactions. Equivalently, Partial derivative also refers to the change in the child s probability of participating in online social interactions with respect to an infinitesimal change in a factor that positively affects the child s net utility of doing real life social interactions but does not affect the child s net utility of doing online social interactions. Std.Err. refers to the standard error.
22 22 / 25 Results Internet and traditional social interactions Complementarity by income level Monthly income of the parents (1000 yuan)
23 23 / 25 Results Internet and traditional social interactions Complementarity by child age Age in years of the child
24 24 / 25 Extensions Extensions coefficient s display should be improved only cross-elasticity results posted as results, all results stored in matrix panel data implementation not checked out: Monte Carlo using gsem testing the Gentzkow model using LM test
25 25 / 25 Extensions Thank you
sociology SO5032 Quantitative Research Methods Brendan Halpin, Sociology, University of Limerick Spring 2018 SO5032 Quantitative Research Methods
1 SO5032 Quantitative Research Methods Brendan Halpin, Sociology, University of Limerick Spring 2018 Lecture 10: Multinomial regression baseline category extension of binary What if we have multiple possible
More informationDescription Remarks and examples References Also see
Title stata.com example 41g Two-level multinomial logistic regression (multilevel) Description Remarks and examples References Also see Description We demonstrate two-level multinomial logistic regression
More informationModule 4 Bivariate Regressions
AGRODEP Stata Training April 2013 Module 4 Bivariate Regressions Manuel Barron 1 and Pia Basurto 2 1 University of California, Berkeley, Department of Agricultural and Resource Economics 2 University of
More informationCategorical Outcomes. Statistical Modelling in Stata: Categorical Outcomes. R by C Table: Example. Nominal Outcomes. Mark Lunt.
Categorical Outcomes Statistical Modelling in Stata: Categorical Outcomes Mark Lunt Arthritis Research UK Epidemiology Unit University of Manchester Nominal Ordinal 28/11/2017 R by C Table: Example Categorical,
More informationChapter 6 Part 3 October 21, Bootstrapping
Chapter 6 Part 3 October 21, 2008 Bootstrapping From the internet: The bootstrap involves repeated re-estimation of a parameter using random samples with replacement from the original data. Because the
More informationLogistic Regression Analysis
Revised July 2018 Logistic Regression Analysis This set of notes shows how to use Stata to estimate a logistic regression equation. It assumes that you have set Stata up on your computer (see the Getting
More information3. Multinomial response models
3. Multinomial response models 3.1 General model approaches Multinomial dependent variables in a microeconometric analysis: These qualitative variables have more than two possible mutually exclusive categories
More informationFinal Exam - section 1. Thursday, December hours, 30 minutes
Econometrics, ECON312 San Francisco State University Michael Bar Fall 2013 Final Exam - section 1 Thursday, December 19 1 hours, 30 minutes Name: Instructions 1. This is closed book, closed notes exam.
More informationWest Coast Stata Users Group Meeting, October 25, 2007
Estimating Heterogeneous Choice Models with Stata Richard Williams, Notre Dame Sociology, rwilliam@nd.edu oglm support page: http://www.nd.edu/~rwilliam/oglm/index.html West Coast Stata Users Group Meeting,
More informationTable 4. Probit model of union membership. Probit coefficients are presented below. Data from March 2008 Current Population Survey.
1. Using a probit model and data from the 2008 March Current Population Survey, I estimated a probit model of the determinants of pension coverage. Three specifications were estimated. The first included
More informationEstimating treatment effects for ordered outcomes using maximum simulated likelihood
The Stata Journal (2015) 15, Number 3, pp. 756 774 Estimating treatment effects for ordered outcomes using maximum simulated likelihood Christian A. Gregory Economic Research Service, USDA Washington,
More informationYour Name (Please print) Did you agree to take the optional portion of the final exam Yes No. Directions
Your Name (Please print) Did you agree to take the optional portion of the final exam Yes No (Your online answer will be used to verify your response.) Directions There are two parts to the final exam.
More informationSyntax Menu Description Options Remarks and examples Stored results Methods and formulas Acknowledgment References Also see
Title stata.com xtdpdsys Arellano Bover/Blundell Bond linear dynamic panel-data estimation Syntax Menu Description Options Remarks and examples Stored results Methods and formulas Acknowledgment References
More informationLongitudinal Logistic Regression: Breastfeeding of Nepalese Children
Longitudinal Logistic Regression: Breastfeeding of Nepalese Children Scientific Question Determine whether the breastfeeding of Nepalese children varies with child age and/or sex of child. Data: Nepal
More informationCHAPTER 12 EXAMPLES: MONTE CARLO SIMULATION STUDIES
Examples: Monte Carlo Simulation Studies CHAPTER 12 EXAMPLES: MONTE CARLO SIMULATION STUDIES Monte Carlo simulation studies are often used for methodological investigations of the performance of statistical
More informationQuantitative Techniques Term 2
Quantitative Techniques Term 2 Laboratory 7 2 March 2006 Overview The objective of this lab is to: Estimate a cost function for a panel of firms; Calculate returns to scale; Introduce the command cluster
More informationEstimating Ordered Categorical Variables Using Panel Data: A Generalised Ordered Probit Model with an Autofit Procedure
Journal of Economics and Econometrics Vol. 54, No.1, 2011 pp. 7-23 ISSN 2032-9652 E-ISSN 2032-9660 Estimating Ordered Categorical Variables Using Panel Data: A Generalised Ordered Probit Model with an
More informationDiscrete Choice Modeling William Greene Stern School of Business, New York University. Lab Session 2 Binary Choice Modeling with Panel Data
Discrete Choice Modeling William Greene Stern School of Business, New York University Lab Session 2 Binary Choice Modeling with Panel Data This assignment will extend the models of binary choice and ordered
More informationEconomics Multinomial Choice Models
Economics 217 - Multinomial Choice Models So far, most extensions of the linear model have centered on either a binary choice between two options (work or don t work) or censoring options. Many questions
More informationSimulated Multivariate Random Effects Probit Models for Unbalanced Panels
Simulated Multivariate Random Effects Probit Models for Unbalanced Panels Alexander Plum 2013 German Stata Users Group Meeting June 7, 2013 Overview Introduction Random Effects Model Illustration Simulated
More informationMultinomial Logit Models - Overview Richard Williams, University of Notre Dame, https://www3.nd.edu/~rwilliam/ Last revised February 13, 2017
Multinomial Logit Models - Overview Richard Williams, University of Notre Dame, https://www3.nd.edu/~rwilliam/ Last revised February 13, 2017 This is adapted heavily from Menard s Applied Logistic Regression
More informationModel fit assessment via marginal model plots
The Stata Journal (2010) 10, Number 2, pp. 215 225 Model fit assessment via marginal model plots Charles Lindsey Texas A & M University Department of Statistics College Station, TX lindseyc@stat.tamu.edu
More informationOnline Appendix (Not For Publication)
A Online Appendix (Not For Publication) Contents of the Appendix 1. The Village Democracy Survey (VDS) sample Figure A1: A map of counties where sample villages are located 2. Robustness checks for the
More informationAllison notes there are two conditions for using fixed effects methods.
Panel Data 3: Conditional Logit/ Fixed Effects Logit Models Richard Williams, University of Notre Dame, http://www3.nd.edu/~rwilliam/ Last revised April 2, 2017 These notes borrow very heavily, sometimes
More informationDay 3C Simulation: Maximum Simulated Likelihood
Day 3C Simulation: Maximum Simulated Likelihood c A. Colin Cameron Univ. of Calif. - Davis... for Center of Labor Economics Norwegian School of Economics Advanced Microeconometrics Aug 28 - Sep 1, 2017
More informationHousehold Finance in China
Household Finance in China Russell Cooper 1 and Guozhong Zhu 2 October 22, 2016 1 Department of Economics, the Pennsylvania State University and NBER, russellcoop@gmail.com 2 School of Business, University
More informationModule 9: Single-level and Multilevel Models for Ordinal Responses. Stata Practical 1
Module 9: Single-level and Multilevel Models for Ordinal Responses Pre-requisites Modules 5, 6 and 7 Stata Practical 1 George Leckie, Tim Morris & Fiona Steele Centre for Multilevel Modelling If you find
More informationModels of Multinomial Qualitative Response
Models of Multinomial Qualitative Response Multinomial Logit Models October 22, 2015 Dependent Variable as a Multinomial Outcome Suppose we observe an economic choice that is a binary signal from amongst
More informationECON Introductory Econometrics. Seminar 4. Stock and Watson Chapter 8
ECON4150 - Introductory Econometrics Seminar 4 Stock and Watson Chapter 8 empirical exercise E8.2: Data 2 In this exercise we use the data set CPS12.dta Each month the Bureau of Labor Statistics in the
More informationtm / / / / / / / / / / / / Statistics/Data Analysis User: Klick Project: Limited Dependent Variables{space -6}
PS 4 Monday August 16 01:00:42 2010 Page 1 tm / / / / / / / / / / / / Statistics/Data Analysis User: Klick Project: Limited Dependent Variables{space -6} log: C:\web\PS4log.smcl log type: smcl opened on:
More informationAssignment #5 Solutions: Chapter 14 Q1.
Assignment #5 Solutions: Chapter 14 Q1. a. R 2 is.037 and the adjusted R 2 is.033. The adjusted R 2 value becomes particularly important when there are many independent variables in a multiple regression
More informationReview questions for Multinomial Logit/Probit, Tobit, Heckit, Quantile Regressions
1. I estimated a multinomial logit model of employment behavior using data from the 2006 Current Population Survey. The three possible outcomes for a person are employed (outcome=1), unemployed (outcome=2)
More informationProfessor Brad Jones University of Arizona POL 681, SPRING 2004 INTERACTIONS and STATA: Companion To Lecture Notes on Statistical Interactions
Professor Brad Jones University of Arizona POL 681, SPRING 2004 INTERACTIONS and STATA: Companion To Lecture Notes on Statistical Interactions Preliminaries 1. Basic Regression. reg y x1 Source SS df MS
More informationNonlinear Econometric Analysis (ECO 722) Answers to Homework 4
Nonlinear Econometric Analysis (ECO 722) Answers to Homework 4 1 Greene and Hensher (1997) report estimates of a model of travel mode choice for travel between Sydney and Melbourne, Australia The dataset
More informationQuant Econ Pset 2: Logit
Quant Econ Pset 2: Logit Hosein Joshaghani Due date: February 20, 2017 The main goal of this problem set is to get used to Logit, both to its mechanics and its economics. In order to fully grasp this useful
More informationMaximum Likelihood Estimation Richard Williams, University of Notre Dame, https://www3.nd.edu/~rwilliam/ Last revised January 10, 2017
Maximum Likelihood Estimation Richard Williams, University of otre Dame, https://www3.nd.edu/~rwilliam/ Last revised January 0, 207 [This handout draws very heavily from Regression Models for Categorical
More informationMaximum Likelihood Estimation Richard Williams, University of Notre Dame, https://www3.nd.edu/~rwilliam/ Last revised January 13, 2018
Maximum Likelihood Estimation Richard Williams, University of otre Dame, https://www3.nd.edu/~rwilliam/ Last revised January 3, 208 [This handout draws very heavily from Regression Models for Categorical
More informationValuing Environmental Impacts: Practical Guidelines for the Use of Value Transfer in Policy and Project Appraisal
Valuing Environmental Impacts: Practical Guidelines for the Use of Value Transfer in Policy and Project Appraisal Annex 3 Glossary of Econometric Terminology Submitted to Department for Environment, Food
More information[BINARY DEPENDENT VARIABLE ESTIMATION WITH STATA]
Tutorial #3 This example uses data in the file 16.09.2011.dta under Tutorial folder. It contains 753 observations from a sample PSID data on the labor force status of married women in the U.S in 1975.
More informationCreation of Synthetic Discrete Response Regression Models
Arizona State University From the SelectedWorks of Joseph M Hilbe 2010 Creation of Synthetic Discrete Response Regression Models Joseph Hilbe, Arizona State University Available at: https://works.bepress.com/joseph_hilbe/2/
More informationEstimating Treatment Effects for Ordered Outcomes Using Maximum Simulated Likelihood
Estimating Treatment Effects for Ordered Outcomes Using Maximum Simulated Likelihood Christian A. Gregory Economic Research Service, USDA Stata Users Conference, July 30-31, Columbus OH The views expressed
More informationPhd Program in Transportation. Transport Demand Modeling. Session 11
Phd Program in Transportation Transport Demand Modeling João de Abreu e Silva Session 11 Binary and Ordered Choice Models Phd in Transportation / Transport Demand Modelling 1/26 Heterocedasticity Homoscedasticity
More informationThe data definition file provided by the authors is reproduced below: Obs: 1500 home sales in Stockton, CA from Oct 1, 1996 to Nov 30, 1998
Economics 312 Sample Project Report Jeffrey Parker Introduction This project is based on Exercise 2.12 on page 81 of the Hill, Griffiths, and Lim text. It examines how the sale price of houses in Stockton,
More informationAppendix. A.1 Independent Random Effects (Baseline)
A Appendix A.1 Independent Random Effects (Baseline) 36 Table 2: Detailed Monte Carlo Results Logit Fixed Effects Clustered Random Effects Random Coefficients c Coeff. SE SD Coeff. SE SD Coeff. SE SD Coeff.
More informationDuration Models: Parametric Models
Duration Models: Parametric Models Brad 1 1 Department of Political Science University of California, Davis January 28, 2011 Parametric Models Some Motivation for Parametrics Consider the hazard rate:
More informationCorresponding author: Gregory C Chow,
Co-movements of Shanghai and New York stock prices by time-varying regressions Gregory C Chow a, Changjiang Liu b, Linlin Niu b,c a Department of Economics, Fisher Hall Princeton University, Princeton,
More informationMorten Frydenberg Wednesday, 12 May 2004
" $% " * +, " --. / ",, 2 ", $, % $ 4 %78 % / "92:8/- 788;?5"= "8= < < @ "A57 57 "χ 2 = -value=. 5 OR =, OR = = = + OR B " B Linear ang Logistic Regression: Note. = + OR 2 women - % β β = + woman
More information1) The Effect of Recent Tax Changes on Taxable Income
1) The Effect of Recent Tax Changes on Taxable Income In the most recent issue of the Journal of Policy Analysis and Management, Bradley Heim published a paper called The Effect of Recent Tax Changes on
More informationGeneralized Multilevel Regression Example for a Binary Outcome
Psy 510/610 Multilevel Regression, Spring 2017 1 HLM Generalized Multilevel Regression Example for a Binary Outcome Specifications for this Bernoulli HLM2 run Problem Title: no title The data source for
More informationDepression Babies: Do Macroeconomic Experiences Affect Risk-Taking?
Depression Babies: Do Macroeconomic Experiences Affect Risk-Taking? October 19, 2009 Ulrike Malmendier, UC Berkeley (joint work with Stefan Nagel, Stanford) 1 The Tale of Depression Babies I don t know
More informationThe Multinomial Logit Model Revisited: A Semiparametric Approach in Discrete Choice Analysis
The Multinomial Logit Model Revisited: A Semiparametric Approach in Discrete Choice Analysis Dr. Baibing Li, Loughborough University Wednesday, 02 February 2011-16:00 Location: Room 610, Skempton (Civil
More informationONLINE APPENDIX (NOT FOR PUBLICATION) Appendix A: Appendix Figures and Tables
ONLINE APPENDIX (NOT FOR PUBLICATION) Appendix A: Appendix Figures and Tables 34 Figure A.1: First Page of the Standard Layout 35 Figure A.2: Second Page of the Credit Card Statement 36 Figure A.3: First
More informationAdvanced Econometrics
Advanced Econometrics Instructor: Takashi Yamano 11/14/2003 Due: 11/21/2003 Homework 5 (30 points) Sample Answers 1. (16 points) Read Example 13.4 and an AER paper by Meyer, Viscusi, and Durbin (1995).
More informationu panel_lecture . sum
u panel_lecture sum Variable Obs Mean Std Dev Min Max datastre 639 9039644 6369418 900228 926665 year 639 1980 2584012 1976 1984 total_sa 639 9377839 3212313 682 441e+07 tot_fixe 639 5214385 1988422 642
More informationEffect of Health Expenditure on GDP, a Panel Study Based on Pakistan, China, India and Bangladesh
International Journal of Health Economics and Policy 2017; 2(2): 57-62 http://www.sciencepublishinggroup.com/j/hep doi: 10.11648/j.hep.20170202.13 Effect of Health Expenditure on GDP, a Panel Study Based
More informationPostestimation commands predict Remarks and examples References Also see
Title stata.com stteffects postestimation Postestimation tools for stteffects Postestimation commands predict Remarks and examples References Also see Postestimation commands The following postestimation
More information**BEGINNING OF EXAMINATION** A random sample of five observations from a population is:
**BEGINNING OF EXAMINATION** 1. You are given: (i) A random sample of five observations from a population is: 0.2 0.7 0.9 1.1 1.3 (ii) You use the Kolmogorov-Smirnov test for testing the null hypothesis,
More informationSampling Distribution of and Simulation Methods. Ontario Public Sector Salaries. Strange Sample? Lecture 11. Reading: Sections
Sampling Distribution of and Simulation Methods Lecture 11 Reading: Sections 1.3 1.5 1 Ontario Public Sector Salaries Public Sector Salary Disclosure Act, 1996 Requires organizations that receive public
More informationLabor supply responses to health shocks in Senegal
Labor supply responses to health shocks in Senegal Virginie Comblon (PSL, Université Paris-Dauphine, LEDa, UMR DIAL) and Karine Marazyan (Université Paris 1, IEDES, UMR D&S) UNU WIDER Conference - Human
More informationTechnical Documentation for Household Demographics Projection
Technical Documentation for Household Demographics Projection REMI Household Forecast is a tool to complement the PI+ demographic model by providing comprehensive forecasts of a variety of household characteristics.
More informationLecture 17: More on Markov Decision Processes. Reinforcement learning
Lecture 17: More on Markov Decision Processes. Reinforcement learning Learning a model: maximum likelihood Learning a value function directly Monte Carlo Temporal-difference (TD) learning COMP-424, Lecture
More informationLog-linear Modeling Under Generalized Inverse Sampling Scheme
Log-linear Modeling Under Generalized Inverse Sampling Scheme Soumi Lahiri (1) and Sunil Dhar (2) (1) Department of Mathematical Sciences New Jersey Institute of Technology University Heights, Newark,
More informationTo be two or not be two, that is a LOGISTIC question
MWSUG 2016 - Paper AA18 To be two or not be two, that is a LOGISTIC question Robert G. Downer, Grand Valley State University, Allendale, MI ABSTRACT A binary response is very common in logistic regression
More informationSYLLABUS AND SAMPLE QUESTIONS FOR MSQE (Program Code: MQEK and MQED) Syllabus for PEA (Mathematics), 2013
SYLLABUS AND SAMPLE QUESTIONS FOR MSQE (Program Code: MQEK and MQED) 2013 Syllabus for PEA (Mathematics), 2013 Algebra: Binomial Theorem, AP, GP, HP, Exponential, Logarithmic Series, Sequence, Permutations
More informationWeb Appendix. Are the effects of monetary policy shocks big or small? Olivier Coibion
Web Appendix Are the effects of monetary policy shocks big or small? Olivier Coibion Appendix 1: Description of the Model-Averaging Procedure This section describes the model-averaging procedure used in
More informationExercise 1. Data from the Journal of Applied Econometrics Archive. This is an unbalanced panel.n = 27326, Group sizes range from 1 to 7, 7293 groups.
Exercise 1 Part I. Binary Choice Modeling A. Fitting a Model with a Cross Section This exercise uses the health care data contained in healthcare.lpj. The variables in the file are listed below. Data from
More informationContents. Part I Getting started 1. xxii xxix. List of tables Preface
Table of List of figures List of tables Preface page xvii xxii xxix Part I Getting started 1 1 In the beginning 3 1.1 Choosing as a common event 3 1.2 A brief history of choice modeling 6 1.3 The journey
More informationYou created this PDF from an application that is not licensed to print to novapdf printer (http://www.novapdf.com)
Monday October 3 10:11:57 2011 Page 1 (R) / / / / / / / / / / / / Statistics/Data Analysis Education Box and save these files in a local folder. name:
More informationPublic Economics. Contact Information
Public Economics K.Peren Arin Contact Information Office Hours:After class! All communication in English please! 1 Introduction The year is 1030 B.C. For decades, Israeli tribes have been living without
More informationVERSION 7.2 Mplus LANGUAGE ADDENDUM
VERSION 7.2 Mplus LANGUAGE ADDENDUM This addendum describes changes introduced in Version 7.2. They include corrections to minor problems that have been found since the release of Version 7.11 in June
More informationChoice Probabilities. Logit Choice Probabilities Derivation. Choice Probabilities. Basic Econometrics in Transportation.
1/31 Choice Probabilities Basic Econometrics in Transportation Logit Models Amir Samimi Civil Engineering Department Sharif University of Technology Primary Source: Discrete Choice Methods with Simulation
More informationLabor Force Participation and the Wage Gap Detailed Notes and Code Econometrics 113 Spring 2014
Labor Force Participation and the Wage Gap Detailed Notes and Code Econometrics 113 Spring 2014 In class, Lecture 11, we used a new dataset to examine labor force participation and wages across groups.
More informationCameron ECON 132 (Health Economics): FIRST MIDTERM EXAM (A) Fall 17
Cameron ECON 132 (Health Economics): FIRST MIDTERM EXAM (A) Fall 17 Answer all questions in the space provided on the exam. Total of 36 points (and worth 22.5% of final grade). Read each question carefully,
More informationAn Introduction to Event History Analysis
An Introduction to Event History Analysis Oxford Spring School June 18-20, 2007 Day Three: Diagnostics, Extensions, and Other Miscellanea Data Redux: Supreme Court Vacancies, 1789-1992. stset service,
More informationOptimal Credit Market Policy. CEF 2018, Milan
Optimal Credit Market Policy Matteo Iacoviello 1 Ricardo Nunes 2 Andrea Prestipino 1 1 Federal Reserve Board 2 University of Surrey CEF 218, Milan June 2, 218 Disclaimer: The views expressed are solely
More informationTRΛNSPΛRΣNCY ΛNΛLYTICS
TRΛNSPΛRΣNCY ΛNΛLYTICS RISK-AI, LLC PRESENTATION INTRODUCTION I. Transparency Analytics is a state-of-the-art risk management analysis and research platform for Investment Advisors, Funds of Funds, Family
More informationOnline Appendix of. This appendix complements the evidence shown in the text. 1. Simulations
Online Appendix of Heterogeneity in Returns to Wealth and the Measurement of Wealth Inequality By ANDREAS FAGERENG, LUIGI GUISO, DAVIDE MALACRINO AND LUIGI PISTAFERRI This appendix complements the evidence
More informationDebt Sustainability Risk Analysis with Analytica c
1 Debt Sustainability Risk Analysis with Analytica c Eduardo Ley & Ngoc-Bich Tran We present a user-friendly toolkit for Debt-Sustainability Risk Analysis (DSRA) which provides useful indicators to identify
More informationCatherine De Vries, Spyros Kosmidis & Andreas Murr
APPLIED STATISTICS FOR POLITICAL SCIENTISTS WEEK 8: DEPENDENT CATEGORICAL VARIABLES II Catherine De Vries, Spyros Kosmidis & Andreas Murr Topic: Logistic regression. Predicted probabilities. STATA commands
More informationThe Usefulness of Bayesian Optimal Designs for Discrete Choice Experiments
The Usefulness of Bayesian Optimal Designs for Discrete Choice Experiments Roselinde Kessels Joint work with Bradley Jones, Peter Goos and Martina Vandebroek Outline 1. Motivating example from healthcare
More informationIntroduction Dickey-Fuller Test Option Pricing Bootstrapping. Simulation Methods. Chapter 13 of Chris Brook s Book.
Simulation Methods Chapter 13 of Chris Brook s Book Christopher Ting http://www.mysmu.edu/faculty/christophert/ Christopher Ting : christopherting@smu.edu.sg : 6828 0364 : LKCSB 5036 April 26, 2017 Christopher
More informationList of figures. I General information 1
List of figures Preface xix xxi I General information 1 1 Introduction 7 1.1 What is this book about?........................ 7 1.2 Which models are considered?...................... 8 1.3 Whom is this
More informationLogit Models for Binary Data
Chapter 3 Logit Models for Binary Data We now turn our attention to regression models for dichotomous data, including logistic regression and probit analysis These models are appropriate when the response
More informationContents Part I Descriptive Statistics 1 Introduction and Framework Population, Sample, and Observations Variables Quali
Part I Descriptive Statistics 1 Introduction and Framework... 3 1.1 Population, Sample, and Observations... 3 1.2 Variables.... 4 1.2.1 Qualitative and Quantitative Variables.... 5 1.2.2 Discrete and Continuous
More informationSouth African Dataset for MAMS
South African Dataset for MAMS AYODELE ODUSOLA MARNA KEARNEY SAM Used 2005 Quantec SAM as base for MAMS SAM 46 Commodities and activities Government activities disaggregated Trade margins 4 Production
More informationApplied Econometrics for Health Economists
Applied Econometrics for Health Economists Exercise 0 Preliminaries The data file hals1class.dta contains the following variables: age male white aglsch rheuma prheuma ownh breakhot tea teasug coffee age
More informationTHE RESPONSE OF HOUSEHOLD SAVING TO THE LARGE SHOCK OF GERMAN REUNIFICATION. Nicola Fuchs-Schündeln
THE RESPONSE OF HOUSEHOLD SAVING TO THE LARGE SHOCK OF GERMAN REUNIFICATION Nicola Fuchs-Schündeln CRR WP 2008-21 Released: November 2008 Date Submitted: October 2008 Center for Retirement Research at
More informationSTATISTICAL METHODS FOR CATEGORICAL DATA ANALYSIS
STATISTICAL METHODS FOR CATEGORICAL DATA ANALYSIS Daniel A. Powers Department of Sociology University of Texas at Austin YuXie Department of Sociology University of Michigan ACADEMIC PRESS An Imprint of
More informationBEcon Program, Faculty of Economics, Chulalongkorn University Page 1/7
Mid-term Exam (November 25, 2005, 0900-1200hr) Instructions: a) Textbooks, lecture notes and calculators are allowed. b) Each must work alone. Cheating will not be tolerated. c) Attempt all the tests.
More informationIndividual Income and Remaining Life Expectancy at the Statutory Retirement Age of 65 in the Netherlands
Individual Income and Remaining Life Expectancy at the Statutory Retirement Age of 65 in the Netherlands Adriaan Kalwij, Rob Alessie, Marike Knoef Utrecht University, Groningen University, Tilburg University,
More informationAdvanced Financial Modeling. Unit 2
Advanced Financial Modeling Unit 2 Financial Modeling for Risk Management A Portfolio with 2 assets A portfolio with 3 assets Risk Modeling in a multi asset portfolio Monte Carlo Simulation Two Asset Portfolio
More informationRisks for the Long Run: A Potential Resolution of Asset Pricing Puzzles
: A Potential Resolution of Asset Pricing Puzzles, JF (2004) Presented by: Esben Hedegaard NYUStern October 12, 2009 Outline 1 Introduction 2 The Long-Run Risk Solving the 3 Data and Calibration Results
More informationFemale Labour Supply, Human Capital and Tax Reform
Female Labour Supply, Human Capital and Welfare Reform (NBER Working Paper, also on my webp) Richard Blundell, Monica Costa-Dias, Costas Meghir and Jonathan Shaw Institute for Fiscal Studies and University
More informationBayesian Multinomial Model for Ordinal Data
Bayesian Multinomial Model for Ordinal Data Overview This example illustrates how to fit a Bayesian multinomial model by using the built-in mutinomial density function (MULTINOM) in the MCMC procedure
More informationAsymmetries in Indian Inflation Expectations
Asymmetries in Indian Inflation Expectations Abhiman Das 1 Kajal Lahiri 2 Yongchen Zhao 3 1 Indian Institute of Management Ahmedabad, India 2 University at Albany, SUNY 3 Towson University Workshop on
More informationEcon 371 Problem Set #4 Answer Sheet. 6.2 This question asks you to use the results from column (1) in the table on page 213.
Econ 371 Problem Set #4 Answer Sheet 6.2 This question asks you to use the results from column (1) in the table on page 213. a. The first part of this question asks whether workers with college degrees
More informationXLSTAT TIP SHEET FOR BUSINESS STATISTICS CENGAGE LEARNING
XLSTAT TIP SHEET FOR BUSINESS STATISTICS CENGAGE LEARNING INTRODUCTION XLSTAT makes accessible to anyone a powerful, complete and user-friendly data analysis and statistical solution. Accessibility to
More informationELEMENTS OF MONTE CARLO SIMULATION
APPENDIX B ELEMENTS OF MONTE CARLO SIMULATION B. GENERAL CONCEPT The basic idea of Monte Carlo simulation is to create a series of experimental samples using a random number sequence. According to the
More informationLecture Note of Bus 41202, Spring 2008: More Volatility Models. Mr. Ruey Tsay
Lecture Note of Bus 41202, Spring 2008: More Volatility Models. Mr. Ruey Tsay The EGARCH model Asymmetry in responses to + & returns: g(ɛ t ) = θɛ t + γ[ ɛ t E( ɛ t )], with E[g(ɛ t )] = 0. To see asymmetry
More informationPublic, private or both? Analysing Factors Influencing the Labour Supply of Medical Specialists.
Public, private or both? Analysing Factors Influencing the Labour Supply of Medical Specialists. Terence C Cheng, Guyonne Kalb, Anthony Scott Melbourne Institute of Applied Economics & Social Research
More information